Let’s face it. When it comes to things like lottery jackpots, personal finance experts and writers tend to be wet rags. We usually put lottery ticket purchases in the same category of money sins as bottled water or spending $5 for a cup of coffee that can be brewed at home for 25 cents. But whom among us has never splurged for a one-pump mocha grande latte?

So what about lottery tickets? Do we really practice what we preach there?

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I decided to query some of my personal finance peeps to find out whether they’re not just a little tempted to sneak out to their local 7-11 and pick up a few tickets for today’s Mega Millions lottery jackpot. I didn’t think I’d find anyone trying to buy $700 worth in one pop like MTV celeb Rob Dyrdek allegedly did before the last drawing.  But I figured I’d find a least a few who like to play once in a while.

Fat chance.

Almost all of those who responded to my completely unscientific poll said they don’t play the lottery. Mary Hunt from DebtProofLiving.com was the most blunt: “Lottery tickets are a tax on stupid.” Neither does Credit.com credit card expert Beverly Harzog who says, “I’m not morally opposed to it at all, just kind of indifferent compared to the rest of the world. Really, it’s a matter of what I can spend time on right now. I’m such a numbers geek, I’d spend too much time trying to beat the system! ” Liz Weston also says she won’t be playing, “although I’m embarrassed to say I have in the past, because it really is a stupidity tax.”

David Bakke, a contributor for Money Crashers Personal Finance admits he’ll buy a few tickets: “I usually take a pretty frugal approach to money, and I’ve always been fairly anti-lottery. However, at $540 million, I figure it’s worth a shot.”

But he does have some lottery ticket stub skeletons in his closet.  ”Many years ago, buying lottery tickets was one reason why I fell into substantial personal debt. However, that was when I was much younger and much less mature.” Bakke now uses a personal rule of thumb to determine when he plays: “I only play once the jackpot goes over $300 million. That way, I know I’ll never fall into my old habits. Once it gets past this level, I buy three tickets. And I buy one more ticket every time it goes up another $100 million. Therefore, I’ll be buying five $1 tickets.”

Others shared their experiences with playing the lottery in the past. Steve Rhode of GetOutofDebt.org, who warns that money doesn’t always buy happiness, recalls, “I once bought some scratch-off tickets to demonstrate on a radio show that you are not likely to win anything. I won $100. Kind of screwed up the example.”

And J.D. Roth of GetRichSlowly says he won’t be buying a Mega Millions ticket, but he did buy scratch-off tickets once in a while back when he was still in debt.  “I was looking for a way to get rich quick. It was never a habit, though. Just a few times a year,” he notes, adding that he never won more than $50. For kicks, you may want to try the GetRichSlowly.org Mega Millions Lottery Simulator.

A Generous – and Cautious – Bunch

Both Rhode and Roth said that if they did win, they would use their winnings to fund projects they care about, though Rhode added he would splurge on at least part of it. “Why win it if you can’t enjoy it?” he asks.

Liz Weston suggested I check out Chuck Jaffe’s column about how lottery fantasies can help you plan your financial future.  ”Back when I did buy tickets, I dreamed about helping relatives…so I decided to do that. I wasn’t able to buy them new houses or cars, but I did help pay for some vacations and other goodies,” she says. “And that felt good.”

Hunt said her first expenditure would involve hiring a really good financial planner while Bakke offered the most comprehensive list of what he would do if he won:

1. Before I even claim the prize, I’d probably hire a lawyer to handle the media.
2. Quit my job.
3. Claim the prize.
4. Possibly hire a financial adviser, although I haven’t thought that one all the way through yet.
5. I would not take the lump sum. I could bank an additional $100 million by taking it in annual payments, so this is a no-brainer. Plus, with each annual payment being almost $14 million, who needs more than that?
6. I’d invest almost all of it. I’d give in to a few splurges here and there, but I’d invest at least 90% of it. Then, once the interest starts roiling in is when I’d make any major purchases. I’d buy a new car (not sure what kind), and take a trip around the world.
7. The remaining 10% would be used for gifts for family and possibly friends, and I’d also like to establish a foundation of some sort to help others that are less fortunate than me.

As for me? Many years ago, I had a one-year subscription to the lottery that automatically bought me one ticket per week. During the entire year, I won nothing. Zip, zilch, nada. That pretty much turned me off to playing. And even if I wanted to, I couldn’t sneak out and buy a Mega Millions ticket. They aren’t sold in my state.

Image: stopnlook via Flickr

I never pass up an opportunity to meet someone with a spiked mohawk. Yeah, I like living on the edge like that.

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So when I saw this guy sporting one at the Finance Bloggers Conference in Chicago this past October, I had to introduce myself. To my delight, it turned out to be “J. Money” – a pen name, natch – of Budgets Are Sexy.

I’d read his blog a little bit and liked it because it was so different. Okay, I admit that the blog’s name drew me in at first. So of course, when I talked to J. on the phone about his blog, my first question was where he got the idea for the name when he started the blog four years ago.

He and his wife had recently bought a house so budgeting was on his mind. “Justin Timberlake’s song, Bringing Sexy Back, was popular at the time so I started thinking about words like budgets and saving and mixing them with sexy. I wanted a name that was fun and hip,” says J.

Well, mission accomplished. Something like “Bringing Budgets Back” would not sound nearly as intriguing. But this blog is much more than a catchy name. So let’s talk about what this blog has to offer you.

The blog’s personality

We’re all busy and when you decide to become part of a blog community, you want to make sure it’s a good fit. On Budgets Are Sexy, the content is a mix of personal finance and fun stuff, which keeps readers engaged. It’s geared toward a younger, hip crowd, but no matter what age you are, you’ll get some insight from this enjoyable blog.

There are lots of comments on the posts and J. interacts with everyone. To me, the comment section is a big test when I look at a blog. Is the blogger responding to comments? Is the blogger encouraging the readers to interact with and help each other? To get a feel for this, I spent time going through many of the posts on Budgets Are Sexy and reading the comments. I came away feeling that J. does a great job of building and maintaining a supportive community here.

He writes a post every weekday, which is pretty impressive. How does he come up with so many topics? “I put a lot of myself in the blog. There’s always something to write about,” he says.

What’s the “take away” for readers?

Okay, it’s great to have a few laughs and get to know people. But really, when we take the time to read a blog we want to get something back from it. And there’s nothing wrong with that. I guard my reading time fiercely and you should, too.

Here’s how J. sums up what he wants for readers: “I hope it motivates people to pay attention to their money. And I also hope they start thinking about it differently. It doesn’t have to be boring,” says J.

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Part of the way J. motivates people to stay in tune with their money, is through sharing his own finances and his goals. On his blog, you can take a look at not only his net worth, but all the details included in that number. “This is my favorite part of the site. I hope it helps others to set and meet goals, but it also holds me accountable for managing my own money,” says J.

So there’s transparency regarding his own money and this appeals to people. But this transparency also has the advantage of showing you how a real person is doing it. It’s a nuts-and-bolts approach and that helps a lot of people figure out how they can make this happen for themselves.

As for other topics, he covers a slew of general finance subjects, including, as you’d expect, budgeting. You can even get some cool Excel spreadsheets on his budget templates page.

When J. says he wants to get people to think about money in a different way, he’s not kidding. On Fridays, he does a series of posts called How much did your outfit today cost? You get the scoop about what he’s wearing all the way down to his $5 Old Navy boxers. He makes a point of saying that there are no right or wrong answers, so right off the bat, you don’t have to fear being judged.

Yeah, on the surface, this type of content appears to be a bit fluffy. But I’ll bet right now you’re doing a mental inventory of what you’re wearing and thinking about the cost. Am I right? And that makes you think about how you spend your money, doesn’t it?

I took this exercise–as did many in the comments section on the blog–all the way to my makeup and hair products. I spend a lot more on makeup and hair stuff than I do on clothes. But that’s a personal choice. I’ve been a girlie-girl since I was a three-year-old and stole my mom’s red lipstick (gory details may be divulged in a future blog, but no promises). So the way I look today reflects who I am and I feel good about my money choices. The point is, though, that it’s a good idea to reassess how you choose to spend your money now and then.

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This is just one example, but what you get on Budgets Are Sexy isn’t a knock-you-over-the-head plea for fiscal sanity. It’s a laid-back blog that breaks down money in a way that relates to your everyday life. Your “take away” is a more conscious approach to spending, saving and budgeting. The best part: You don’t have to read anything painfully dull to get something back from this blog.

My take on this blog

After spending many hours on Budgets Are Sexy, I came away feeling pretty inspired by the energy and the positive attitude toward money management. In today’s economy, that’s a valuable contribution to the world.  And if you like your personal finance a little on the wild side, you’ll also have fun on this blog.

You can visit daily to read new posts or subscribe here via email or an RSS feed. On this page, he also gives links so you can “stalk” him on Twitter, Facebook and LinkedIn.

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People are funny. I have been working on a bare bones budget so I can eliminate my car payment and my mortgage in the next couple of years.  This week, I adjusted my budget for gasoline prices.

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My car was purchased new in June 2009 and has less than 20,000 miles today. Gas prices are impacting my budget. While they dropped two cents today, prices rose eighteen cents in two weeks. I mentioned this budget adjustment at work and my coworkers told me I really had nothing to complain about since I live 5 miles from my office and drive a small and reliable car.  I asked how that changed the fact that gas prices will impact all of us by the same amount.

When I purchased my home, I looked for places within 10 miles of my office, with good schools for my children, a settled neighborhood, and I wanted to cut my commute to spend more time with my family. My previous commute was 37 miles one-way.  My peers looked at me like I am from another planet. They are refinancing 30-year mortgages with 30-year mortgages to lock in lower interest rates.  I previously refinanced a 30 year mortgage to a 15 year mortgage. I was asked why I didn’t reduce my monthly payment instead. My youthful peers believe their paycheck is secure and will increase forever. Parents, teach your children!

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I made mistakes throughout the years. I had credit card debt.  I spent money on items that did not add value to my life. I did not look at my credit score. I never asked for lower interest on my cards. I never questioned my insurance increases when I had no claims on my home or autos.  By luck, my credit score was in the excellent range, but I never realized what that could have meant to me.

My children do not have to live my life and they have learned from my mistakes. My financial past and my budgeted future are open to them.  My son and his wife closed on their first home today–in Seattle.  They paid off their debt except for a minimal amount of college loans at low interest. They both have small, economical cars. They will come back home to get home furnishings from both sets of parents. They have thanked me for being open about my mistakes and they have confessed to their own. They understand the benefit of paying off debt with the payoff of their dreams coming true and securing their future. I am proud of them–I am proud of me! Share your struggles and your successes with your family and friends.  They keep you focused and on track. They learn from the errors we make, as we learn from theirs.

Image: Mingo.nl, via Flickr

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I have been lazy and sliding backwards on more than one front. I did not track my spending or food intake for a couple of weeks.  I spent more than I should have and I gained a couple of pounds instead of losing weight. Blame it on the rain, the snow, the cold—how do I blame it on the warm sunshine and 65 degree temperatures in Iowa in the middle of winter?

Today is a new day.  I caught up with my backlog over the weekend and I am back on track with my spending and my food tracking.  If I write it down, I don’t spend it or eat it.  It holds me accountable. To help me stop making excuses, I downloaded android apps to track spending and food intake when I am not at home. I don’t go anywhere without my phone so I have no excuses to slide again.  I can enter what I spend or what I eat on the run, I don’t have to look for receipts or notes. I faced my backslide this weekend and caught up on my tracking.  This has given me incentive to go forward. A two-week vacation from tracking is two weeks too many.  I need to see my progress in front of me at all times. I need to see my goals and final destination.

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I did not want my backslide for the last couple of weeks to overshadow my successes, so I reviewed the past 12 months of income and expenses. My income increased 2% in July and an additional 1% in December.  I paid 71% of my remaining credit card debt, 25% of my remaining auto debt, and 10% of my remaining mortgage. I increased my emergency fund by $5000 and my credit score by 22 points. I saw substantive growth in my retirement account and my 457 and 401 accounts. I did not really push myself on debt-reduction until June, so I am thrilled with my progress. I paid off the highest interest debts first, so I am seeing faster progress and greater interest savings. My credit card balance is lower than it has ever been in 25 years—and it will soon be zero. That is an achievement!

My expenses will increase a bit this month.  My daughter will not be traveling for her job for a few weeks, so there will be an increase in food and utility consumption in my house. With the mild winter, I should break even if I control the food expenses and minimize evening meals outside of the house.

I am looking forward to an even better year of paying down debt and increasing my savings and retirement. And, I will be tracking it every step of the way.

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Image: Johan Larsson, via Flickr.com

This month seems expensive and I am looking for ways to save. I used $500 from my emergency savings to pay the deductible for my daughter’s December auto accident and that money was to be refunded by now. My insurance company is not returning emails or phone calls.  This is a major, highly rated company.  I sent my second email of concern to my agent tonight and told him that his company is not meeting my expectations.

I always have my W-2 from my employer by now.  For the past thirty-five years, my tax return would have been filed by mid-January.  No reasons offered for the delay—only a comment that W-2s are required by the end of the month. I will file the day I get my W-2, and hoping for a modest return which will help reduce debt.

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I have met my goal to reduce weekday lunch expenses by eating lunch at work at least 4 days a week in 2012.  I have not eaten out any week night, either. I do eat out on the weekends, but eliminating all week-day expenses is beyond my goal.  My weekend meals are with my daughter; her new job takes her out of the city during the weekdays so we spend the weekends catching up with one another and running errands. These meals are a connection to her.

I added a new goal: No debit card fees in 2012. I don’t have an excuse for incurring fees. I live in Iowa, one of the first states with ATM machines everywhere. I have two debit cards—one from my bank and one from my credit union. Both have multiple ATM locations I can use without a fee within blocks from my home and office. My credit union has a machine within 100 feet of my desk.  Hanging my head in shame!

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My daughter has dental insurance available to her at her new job.  I canceled her from my dental policy and will save almost $500 this year. She is getting a new cell phone; I will save nearly $1000 a year.

I am sending more money to emergency savings each month, so the small balance in my checking account keeps me alert.  It helps me spend conservatively—I actually had enough left in my checking account to pay my bi-annual auto insurance bill from my checking account rather than from my savings account where it had been budgeted. I am not yet comfortable seeing a low balance in my checking account, but we have not starved or failed to pay bills. It is just different; and that difference is going to allow me to retire without worry!

How have you achieved additional savings?

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Image: 401K, via Flickr.com